Hi Scott,
Very interesting post. It will amaze many people to see whether a pattern of manipulative behavior emerges. As I've written in the past, this is an evolving area of law.
In my opinion, a party or parties who issue(s) a so-called "press release" or posts an "expose" on one of these boards, having first traded or selectively disclosed, has arguably violated Securities laws and regs. As this evolves further, there may be attendant criminal issues and civil liabilities for which there may be enforcement by private individuals who have been harmed by manipulative conduct.
The internet is a wonderful medium of communication. However, users should realize that they have certain responsibilities that are not protected by freedom of speech. Not having a position in a security does not insulate one from violations of law.
No, I'm not talking about the average poster. When you or I post we are giving an opinion. My posts are fairly worthless and I don't try to go around announcing that an expose is coming, paying to release it to the "press" or the business wire, after selectively leaking it to others.
In the law, believe it or not, there are standards of reasonableness that guide a finder of fact in making a determination. In my opinion, a jury or a judge could clearly distinguish between the ordinary poster giving his opinion, which is protected by the First Amendment, and that so-called "truthdetective" or the like, who apparently has a commercial and manipulative intent and whose words would constitute "conduct" and not "protected speech." |
